Administrator Samantha Power and Treasury Secretary Janet L. Yellen Convene High-Level Dialogue on Financing for Climate Resilience

The below is attributable to Acting Spokesperson Shejal Pulivarti:‎

Today, in the midst of record high temperatures around the world, Administrator Samantha Power and Treasury Secretary Janet L. Yellen convened the Presidents and other leaders of the five multilateral development banks (MDBs) in which the United States is a shareholder, and senior officials from bilateral aid agencies to advance collaboration on climate resilience, including efforts to address extreme heat.

Addressing extreme heat, which kills more people than any other kind of extreme weather hazard, is critical to our response to broader climate risks that impact people's lives. High temperatures threaten crops and livestock, increase strain on power grids, and harm workers in labor-intensive occupations. They can also impose a particular burden on women, who are often exposed to extreme heat for extended periods as they work and care for their families. Solving this problem is therefore critical for advancing not only climate resilience, but also strengthening food security, energy access, livelihoods, and gender equality.

In response to Secretary Yellen's call to action for MDBs to be more ambitious in helping countries address global climate challenges, participants exchanged perspectives on how to better protect communities from the devastating impacts of rising temperatures and heatwaves. They also discussed specific opportunities to build on existing initiatives to increase resilience to climate change, like USAID's Adaptation Finance Window(link is external).

The session highlighted the importance of scaling finance for climate resilience, including to support specific tools like early warning systems, cooling initiatives, and resilient infrastructure. Principals also emphasized the need to focus on urban areas, as well as rural communities, where extreme heat can pose a key threat to agriculture and other vital livelihoods.

The Dialogue advanced implementation of President Biden's Emergency Plan for Adaptation and Resilience (PREPARE) and Administrator Power's Global Summit on Extreme Heat co-hosted in March 2024 with the International Federation of Red Cross and Red Crescent Societies Secretary General Jagan Chapagain.

Participants included John Podesta, Senior Advisor to the President of International Climate Policy, the Presidents of the African Development Bank, Asian Development Bank, Inter-American Development Bank, and European Bank for Reconstruction and Development, and the President of the Japanese International Cooperation Agency. They were joined by the World Bank Senior Managing Director and the French Ministry of Foreign Affairs Special Advisor on Climate Action and Ambassador for Climate Negotiations.